7 December 2016

BULLION OUTLOOK FOR 07-08 DEC 2016

SELL GOLD DEC @ 27900 SL 28100 TGT 27800-27500.

SELL
SILVER DEC @ 41100 SL 41250 TGT 40950-40750.

Gold:On hourly chart, MCX Gold prices
are trading in a Falling channel Formation & are trading near its lower
band of trend line. Moreover, COMEX Gold prices are trading in Bullish Flag Pattern
on hourly time frame. Moreover, Momentum Indicator RSI has observed Bullish
divergence on hourly time frame which indicates positive momentum to the
prices. For now we expect prices should move higher towards 28250 levels in the
coming trading sessions.

Outlook:Technically
market is under fresh selling as market has witnessed gain in open interest by
0.83% to settled at 6311 while prices down -236 rupee, now Gold is getting
support at 27739 and below same could see a test of 27652 level, And resistance
is now likely to be seen at 27984, a move above could see prices testing 28142.

R2

R1

S1

S2

TREND

GOLD

28100

28000

27800

27700

SIDEWAYS

Silver:On hourly
chart, MCX Silver prices are trading in a Ascending triangle Formation.
Furthermore, COMEX Silver Prices are trading in a Rising Channel Formation on
hourly time frame. In Addition, MCX Silver prices are trading above its 21 HEMA
on hourly time frame which indicates positive momentum to the prices. For now
we expect prices to move higher towards 41750 levels in few trading sessions.

Outlook:Technically
market is under fresh selling as market has witnessed gain in open interest by
2.6% to settled at 12582 while prices down -336 rupee, now Silver is getting
support at 40857 and below same could see a test of 40691 level, And resistance
is now likely to be seen at 41305, a move above could see prices testing 41587.